Just last year, he claimed it was a matter that needed to be addressed soon. So then why is the head of the Federal Reserve now saying that the debt is nothing to worry about? And what are the implications for your savings? Here's what you should know.
The debt ceiling was once again suspended, making room for more potential debt added to the U.S.'s growing deficit. Add some questionable lending practices currently happening, and it spells trouble for the economy.
The U.S. economy may be growing, but the sustained annual deficit exceeds $1 trillion. Both debt and deficit spending may be spiraling out of control, and come March, the debt crisis could come roaring in like a lion.
Donald Trump and the GOP face a potential shutdown that would put a hiccup in federal bureaucracy for a few weeks. However, there may be an unseen economic danger that could affect you and your savings.
While two of Trump’s cabinet members are going head-to-head on the country’s debt ceiling, congress is now divided over the issue as well. This could have a major impact on the economy, and the outcome won't be favorable for Americans.